Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,219/mo
Lowest payment- Down payment
- $609
- Funds due
- $13,979
- Interest + MI left
- $551,194
- First ends
- May 2056
New loan
New conventional
$3,223/mo
+$4/mo- Down payment
- $45,400
- Funds due
- $55,263
- Interest + MI left
- $597,441
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $453,391 | $408,600 |
| Second mortgage | — | — |
| First P&I | $2,845.85 | $2,768.00 |
| Second P&I | — | — |
| Mortgage insurance | — | $81.72 |
| Taxes, insurance & HOA | $373.25 | $373.25 |
| Total housing payment | $3,219.10 | $3,222.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$609
Closing costs & prepaids$13,369
Usable credit−$0
Total buyer cash needed$13,979
Earnest money paid−$0
Remaining funds due$13,979
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,540.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,266.95
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$544.75
Initial HOA (3 months)$75.00
Prepaid interest, first (6 days)$474.76
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yr 5 moOf the original 30-year loan at 6.37%
Interest already paid$16,911Through Dec 2026
Assumption only · ends May 2056$551,194
New conventional · ends Jan 2057$597,441